China's fiscal revenue jumps 11.9% YoY in Jan-Mar 2023

23 May '23

1 min read

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Insights

China's fiscal revenue rose by 11.9 per cent YoY to around 8.32 trillion yuan ($1.19 trillion) in the first four months of 2023, partly due to economic recovery.
The central government reported an 8.6 per cent rise in fiscal revenue, while local governments saw a 14.8 per cent increase.
Tax revenue was nearly 7.04 trillion yuan, up by 12.9 per cent YoY.

China’s fiscal revenue displayed robust growth in the first four months of 2023, escalating 11.9 per cent year-on-year (YoY) to approximately 8.32 trillion yuan (around $1.19 trillion). The country’s ministry of finance attributed part of this upswing to China’s ongoing economic rebound.

When excluding elements such as value-added tax credit refunds, fiscal revenue still noted a 4 per cent increase compared to the previous year. A detailed breakdown revealed that the central government amassed about 3.76 trillion yuan in fiscal revenue, marking an 8.6 per cent rise. In contrast, local governments saw a more significant surge of 14.8 per cent, raking in over 4.56 trillion yuan.

In terms of tax revenue, the January-April period brought in close to 7.04 trillion yuan, reflecting a 12.9 per cent YoY uptick. Concurrently, fiscal spending also saw an increase, climbing 6.8 per cent YoY to approximately 8.64 trillion yuan.

Fibre2Fashion News Desk (NB)

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